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Tue 20 Dec 2011 04:01 PM

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UAE residents say salaries don’t cover living costs

Some 71 percent of residents say wages are not keeping pace with soaring prices

UAE residents say salaries don’t cover living costs
Almost half of UAE residents expect their finances to improve in 2012

Almost three quarters of UAE residents believe their salary
does not cover the rising cost of living in the Gulf country, according to report
by recruitment consultants Bayt.com

Some 71 percent of residents surveyed said their wages had
not kept up with soaring prices in the Gulf country, with 37 percent
expecting a similar outlook next year, the HR firm said.

The negative outlook was evident across the board, with 84
percent of survey respondents also saying there were “not many” or “very few”
jobs available in the UAE, and 66 percent stating that their financial
situation is either the same or worse than last year.

“Sentiments are quite low this year, as it seems like we’re
still riding on the tail end of the economic recession,” said Amer Zureikat, VP
of sales at Bayt.com. “However, going forward expectations and optimism are
high, particularly for those looking for employment.”

Almost half of residents polled said they expected their
financial position would change for the better over the next 12 months, Bayt
said.

But respondents were less positive on economic growth, with
38 percent reporting their company would not be hiring and 31 percent forecasting
a decline in their firm’s business in 2012.

Only 13 percent of people questioned said they were
satisfied with their job and career prospects and only 7 percent were satisfied
with their current compensation.

The UAE has seen a spate of job cuts in the last year amid
fears a slowdown in Europe and the US could negatively impact the Gulf state’s
economy.

Real estate, banking and government agencies alike have
sought to rein in costs in a bid to prepare for tough economic times in the
future, spurring a wave of redundancies.

In Dubai, investment banks such as
Shuaa Capital, Bank of America, Credit Agricole, Deutsche Bank and Al Mal
Capital, have all reduced their employee headcounts.

State-backed firms Masdar and Aldar
have also both trimmed their staff count this year, in line with new economic realities.

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